EFFECTIVELY MANAGE YOUR FIRM'S PAYMENTS ACTIVITY

 

There is rapid change underway in payments; driven by competition across established and new companies, by regulatory change, and by technical innovation. All of this is combining to provide customers with greater choice and flexibility in payment services, while at the same time there is the need to protect customers from fraud and enable the customer to stay in control of their money.

Firms need to manage their payments activity effectively to exploit these opportunities to deliver enhanced services to customers, respond to competitive threats, ensure regulatory compliance and mitigate fraud risk.

HOW WE CAN SUPPORT YOU

Huntswood's in-house experts have the knowledge and experience to work with you across all areas of payments - including the customer experience, regulatory readiness and compliance, payments operating models and payments information security. We are also well placed to help you identify and respond to the commercial opportunities and challenges resulting from the new regulatory environment of Open Banking and PSD2 which are enabling existing players and new entrants to compete in new ways and threaten the establish order.

COMPLIANCE HEALTHCHECK

We’ll provide you with a clear understanding of your regulatory obligations and assess your current performance against to those requirements. If needed, we’ll also make recommendations to ensure you’re on the 'path to full compliance'.

Completing this healthcheck will enable you to understand your company's current performance and take risk-based decisions on further actions required to achieve compliance. This can include taking a broad approach to payments regulation or focusing on one particular piece of regulation.

PAYMENTS OPERATIONS REVIEW (TARGET OPERATING MODEL)

Our review brings your firm up to speed on payments-related changes in the regulatory and competitive environment. We’ll assess the effectiveness of your existing operational approach to payments and payments-related fraud, make recommendations where required, and provide resources – or even process support - to set up and implement re-designed payments processing.

PAYMENTS AND INFORMATION SECURITY

We are able to extend this service across a number of different areas, including payment card products, online banking payment services, mobile / smartphone banking, in-branch payment services, and storing customers' payment instruction data.

Our assessment evaluates current levels of data security (in relation to payments products) against formal regulations and rules - and against our own view of 'best practice'. We’ll deliver a clear action plan for addressing any weaknesses in your firm's payments information security.

OPEN BANKING PAYMENTS OPPORTUNITIES

We set out the opportunities and risks that your firm may face due to the introduction of the Open Banking approach, and we’ll explain the new competitive landscape, as well as the strategic options that your firm needs to consider. We recognise that every part of the payments landscape is distinct, and as such, we make sure that our work is tailored to include factors relating directly to your area of activity and the specific needs of your firm.

PAYMENTS OVERVIEW BRIEFING

The changes taking place in the payment market are numerous and complex – and they are driven by a number of different factors, including customer expectations, technology and regulatory change. If you need your firm’s senior stakeholders to really understand the way the landscape is changing, Huntswood can help.

Our in-house subject matter experts can provide a senior-level briefing on the changes taking place in payments, convey the risks and opportunities in a clear and constructive manner, and with the appropriate amount of detail for your senior managers or C-suite.

Key Benefits

  • Understand the implications and risks for your business
  • Deliver an up-to-date payments operating model
  • Achieve a clear strategy for commercial opportunities and challenges arising from Open Banking and fintech innovation
 

Why Huntswood

Comprehensive understanding of payments from operational, commercial and competitive perspectives

Extensive experience of supporting firms to embed regulatory initiatives and legislative requirements

Track record of helping firms design and build new payments capabilities, and supporting their business and usual operations